<SEC-DOCUMENT>0001415889-17-001060.txt : 20170628
<SEC-HEADER>0001415889-17-001060.hdr.sgml : 20170628
<ACCEPTANCE-DATETIME>20170628160013
ACCESSION NUMBER:		0001415889-17-001060
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170626
FILED AS OF DATE:		20170628
DATE AS OF CHANGE:		20170628

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NorthStar Real Estate Capital Income Fund
		CENTRAL INDEX KEY:			0001655199
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-547-2600

	MAIL ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NorthStar Real Estate Credit Fund
		DATE OF NAME CHANGE:	20151008

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NSAM FV Holdings, LLC
		CENTRAL INDEX KEY:			0001666397
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23109
		FILM NUMBER:		17935191

	BUSINESS ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-547-2600

	MAIL ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Colony Capital Operating Company, LLC
		CENTRAL INDEX KEY:			0001695854
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23109
		FILM NUMBER:		17935192

	BUSINESS ADDRESS:	
		STREET 1:		515 S. FLOWER STREET, 44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		515 S. FLOWER STREET, 44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Colony NorthStar, Inc.
		CENTRAL INDEX KEY:			0001679688
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23109
		FILM NUMBER:		17935193

	BUSINESS ADDRESS:	
		STREET 1:		515 SOUTH FLOWER STREET
		STREET 2:		44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		515 SOUTH FLOWER STREET
		STREET 2:		44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-06282017_040601.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2017-06-26</periodOfReport>

    <issuer>
        <issuerCik>0001655199</issuerCik>
        <issuerName>NorthStar Real Estate Capital Income Fund</issuerName>
        <issuerTradingSymbol>XNAFX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001679688</rptOwnerCik>
            <rptOwnerName>Colony NorthStar, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>515 SOUTH FLOWER ST</rptOwnerStreet1>
            <rptOwnerStreet2>44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001695854</rptOwnerCik>
            <rptOwnerName>Colony Capital Operating Company, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>515 SOUTH FLOWER ST</rptOwnerStreet1>
            <rptOwnerStreet2>44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001666397</rptOwnerCik>
            <rptOwnerName>NSAM FV Holdings, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COLONY NORTHSTAR, INC,</rptOwnerStreet1>
            <rptOwnerStreet2>515 SOUTH FLOWER STREET, 44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2017-06-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>366666.667</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1093512.897</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By NSAM FV Holdings, LLC</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Colony NorthStar, Inc. (&quot;CLNS&quot;) disclaims beneficial ownership of these securities, except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">NSAM FV Holdings, LLC is a wholly-owned subsidiary of Colony Capital Operating Company, LLC (&quot;CCOC&quot;), which is a majority-owned subsidiary of CLNS.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David A. Palame, Chief Compliance Officer of Colony NorthStar, Inc., in its own capacity and as managing member of Colony Capital Operating Company, LLC, in its own capacity and as managing member of NSAM FV Holdings, LLC</signatureName>
        <signatureDate>2017-06-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
